It appears that recently a feeling spread in the Market (and that all these goings-on should take place in a market adds, in my view, to their curiousness) that a crisis had been reached in monetary restrictions and things might be eased a bit.  Apparently there is a circle of people in the know, and by them it was immediately appreciated what this “relaxation” implied.  The first overt sign of something doing was a “heavy demand for money,” a need which I too, for all my quiet domesticity, have felt from time to time.  No doubt the fast City set were filling their pockets before commencing a course of “relaxation.”  The next development was that the Market was approached from all sides with “applications for accommodation.”  I can picture the merry parties rolling up in their thousands, booking every available house, flat or room, and even paying very fancy prices for the hire of a booth for a house-party.

It may give you some idea of the nature of their “relaxation” when I say that our old friend the Bank of England seems to have so far forgotten herself as to start making advances to the Government.  My City Editor, who is possibly a family man, cannot bring himself to give details; he just states the fact, merely adding the significant comment that “the usual reserve of the Bank is rapidly disappearing.”  The effect of this example is appearing in the most respectable quarters.  “All attempts are now failing,” he reports, for example, “to keep the Fiduciary Issue within limits.”  Reluctantly he mentions a “considerably freer tendency in Discount circles.”

Further he records a tendency to over-indulgence in feasting.  I read of figures (I hardly like to quote this bit) becoming “improperly inflated.”  Will you believe me when I add that a section of those participating in the beano, whose one fear was, apparently, that it would all end only too soon, actually were heard expressing the apprehension, to quote verbatim, “that they would deflate too rapidly.”  “The whole tone of the Market,” says my City Editor, “became distinctly cheerful,” and he pauses to comment on the one redeeming feature:  “War Loan remaining steady, 84-15/16 middle.”

And thence to the shocking climax:  Trade Returns were unable to balance properly, and Money (to be absolutely outspoken and no longer to mince matters) got tight.

After this I was not surprised to read of “Mexican Eagles rising on the announcement of the new Gusher.”  Nor a little later to find the announcement, “Stock Exchange Dull.”  A very natural reaction.

Yours ever,

A SIMPLE WEST-ENDER.

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PROFESSIONAL PRIDE.

Extract from a plumber’s account:—­

    “To making good leaks in pipes, 8/6.”

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    “Wanted 2 Lions male and female or either any of them.  What will be the
    cost?  Where they can be had and when can we get.”—­Indian Paper.